June 2026 | Released July 14, 2026

+3.53 percent
Consumer Price Index inflation
Jun 2025 to Jun 2026

-0.42 percent
Consumer Price Index inflation
May 2026 to Jun 2026

+0.77 percent
Change in real average weekly earnings
May 2026 to Jun 2026

Consumer Price Index

From May 2026 to June 2026:

• Headline CPI-U inflation was -0.42 percent.
  • Food price inflation was 0.21 percent.
  • Energy price inflation was -5.71 percent.
• Core CPI-U inflation was -0.02 percent.

From June 2025 to June 2026:

• Headline CPI-U inflation was 3.53 percent.
  • Food price inflation was 3.01 percent.
  • Energy price inflation was 15.70 percent.
• Core CPI-U inflation was 2.59 percent.

Note: Core CPI-U excludes food and energy.

Table 1. Consumer Price Index inflation

	Jun 2026	May 2026	Chg. from May 2026	Jun 2025	Chg. from Jun 2025
Month-over-month inflation
Consumer Price Index	-0.42%	0.47%	-0.89pp	0.25%	-0.67pp
Core Consumer Price Index	-0.02%	0.21%	-0.23pp	0.23%	-0.25pp
Food Consumer Price Index	0.21%	0.16%	0.05pp	0.29%	-0.08pp
Energy Consumer Price Index	-5.71%	3.88%	-9.59pp	0.43%	-6.14pp
Year-over-year inflation
Consumer Price Index	3.53%	4.25%	-0.72pp	2.67%	0.86pp
Core Consumer Price Index	2.59%	2.85%	-0.26pp	2.93%	-0.34pp
Food Consumer Price Index	3.01%	3.08%	-0.07pp	2.97%	0.04pp
Energy Consumer Price Index	15.70%	23.54%	-7.84pp	-0.83%	16.53pp

Table 2. Cleveland Federal Reserve forecast

	Cleveland Fed forecast	Actual	Forecast error
Month-over-month inflation
Consumer Price Index	-0.06%	-0.42%	0.36pp
Core Consumer Price Index	0.23%	-0.02%	0.25pp
Year-over-year inflation
Consumer Price Index	3.92%	3.53%	0.39pp
Core Consumer Price Index	2.85%	2.59%	0.26pp

Real earnings

From May 2026 to June 2026:

For all employees on private nonfarm payrolls:

• Real average weekly earnings increased by 0.77 percent.
• Real average hourly earnings increased by 0.80 percent.

For production and nonsupervisory employees on private nonfarm payrolls:

• Real average weekly earnings increased by 0.55 percent.
• Real average hourly earnings increased by 0.81 percent.

Note: “Real” measures are those adjusted for inflation.

Note: Weekly earnings are a better estimate of income than hourly earnings because they take into account the amount of hours worked.

Table 3. Change in real earnings

	Jun 2026	May 2026	Chg. from May 2026	Jun 2025	Chg. from Jun 2025
Month-over-month change
All employees
Real weekly earnings	0.77%	-0.20%	0.97pp	-0.03%	0.80pp
Real hourly earnings	0.80%	-0.18%	0.98pp	-0.09%	0.89pp
Production and non-supervisory
Real weekly earnings	0.55%	-0.30%	0.85pp	0.11%	0.44pp
Real hourly earnings	0.81%	-0.30%	1.11pp	0.10%	0.71pp
Year-over-year change
All employees
Real weekly earnings	0.35%	-0.45%	0.80pp	0.85%	-0.50pp
Real hourly earnings	0.09%	-0.80%	0.89pp	1.16%	-1.07pp
Production and non-supervisory
Real weekly earnings	0.26%	-0.18%	0.44pp	0.91%	-0.65pp
Real hourly earnings	-0.10%	-0.80%	0.70pp	1.53%	-1.63pp

Upcoming releases

Date	Time	Release	Data source
Jul 21	10:00 AM	State Employment and Unemployment, June 2026	Bureau of Labor Statistics
Jul 30	08:30 AM	Monthly Expenditures Update, June 2026	Bureau of Economic Analysis
Jul 30	08:30 AM	Monthly GDP Update, Q2 2026 Advance Estimate	Bureau of Economic Analysis
Aug 04	08:30 AM	Monthly Trade Update, June 2026	Bureau of Economic Analysis
Aug 07	08:30 AM	Monthly Employment Update, July 2026	Bureau of Labor Statistics
Aug 07	10:00 AM	Monthly Debt Update, August 2026	U.S. Treasury
Aug 12	08:30 AM	Monthly Inflation Update, July 2026	Bureau of Labor Statistics
Aug 13	10:00 AM	Monthly Fiscal Update, July 2026	U.S. Treasury

Notes

Source: Bureau of Labor Statistics; JEC Republicans calculations

“pp” = percentage points; “M/M” = month over month; “Y/Y” = year over year

Consistent with the Bureau of Labor Statistics, monthly figures are seasonally adjusted. Discrepancy in change figures is possible due to rounding.